The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-01
The Virginia State Debt.
To the People Of Virginia


At a meeting of Virginia Bondholders, con
vened by the Council of Foreign Bondholders,
and held on Friday, the oath OF september.
| Iss8 ut the Cannon-street Hotel, London
the following resolutions were passed uiahi
| mOusly: ,..
"That this meeting deplores the long contest
/ into which the bondholders nave been forced
| for the maintenance of their rights, anu "Ille
asserting its steadfast deterInnaIIoh Il4t ~ a.
cept the RiddIebergcr settlement, whlcn, III
view OF the admitted ability OF virginia 10 set
tie with her creditors, and the sacrlhces they
have already made on her BEHALF II CONSIDERS
dishonest and unjust, hereby ehpresses, us
/ willingness TO meet the state and entertain Il
/ reasonable compromise based upon the pres
ent taxation and the available revenue, aIter
providing for the CONSTITUTIONS appropriation
| for government, schools, and other puDnc eA-
penditure" ~,
The state had the benefit Of the whole OF the
money she originally borrowed lsA,wo,oW. ~
laid the foundation OF her roads. railways anu
canals, and has brought millions OF dollars
into the country. Had you not constructed
these public works with the bOndholders
money you would have TO be taxed now FOR
them.
No State which borrowed money ever en-
loved the benefit of its loans more than v IT.
ginia has done. See Senate Document AAlN'
Session, BITS
The present unsettled condition Of the debt
is keeping capital and immigration out OF VIZ
GINA, and as long as matters SO continue you
will never develop the splendid resources OF
the State i'm the way they deserve.
The revenue of Virginia is increasing. Inc
last assessment shows an increase OF Soo,USc-
90 in taxable values. Your present revenue
might be largely increased if the taxes were
more carefully collected and the present as
sessments on property egualzed throughout
the State.
What might have been difficult 10 do few
wears ago is easy now, and each year the bur-
den will become lighter. When the debt ques-
ton is settled capital and enterprise, WHICH
now holds aOof, will flow into the state.
The settlement offered by the DOndholders
proposes that the bonds now in existence bear
ing tax-receivable coupons should be deposited
| in some trust company That new DOnds shoulu
be issued i'm their place, bearing no tax-recelV
able coupons. and at "a low rate OF interest.
When the State pays a half-year's interest on
| the new bonds. the taX-receiyable coupons Tor
that half-year shall be cut of the old bonds by
| the trust company, cancelled, ana denVereu 10
\ the State. Any increase on the present reFe,
nue. will be appropriated by the State, ana
the bondhOlders will mot have any claim on II.
There was cash balance last July in the
| Treasury Of $731 600, and the average purchase
| of Riddleberger 3s by the state has been at
! the rate of 10000 per annum in cash. The
| State has some millions of dollars of assets
which would help her in arranging settle
ment.
The bondholders are as deeply interested as
you are in maintaining the credit and prosper
| ity Of your State. They ask for fair hearing
/ and discussion Of the question by business
men, and not by politicians, whose interest II
is TO prevent an understanding being arrived
| at and an honorable compromise made.
The best way Of bringing about TINS settle
ment is for taxpayers 10 tender coupons In
payment of their taxes. In view OF the CON
ciliatOry spirit and liberal offer made by the
creditors | venture respectfully 10 submit 10
you that it is your moral duty, as well as your
| legal right and privilege, 10 tender coupons Tor
taxes now due. JAMES L. COOfbh.
| nO26